Which of the following is NOT an essential element of a valid contract?

In contract law, the essential elements of a valid contract include offer, consideration, and legality. Performance, while important in the context of fulfilling the terms of a contract, is not considered an essential element in the same way that the other three are.

An offer represents one party’s willingness to enter into a contract on specified terms, while consideration refers to something of value exchanged between the parties, providing a reason for one party to enter into the contract. Legality ensures that the contract's terms adhere to the law and are not for illegal purposes.

Performance comes into play after a contract has been formed; it refers to the actions taken by the parties to fulfill the obligations outlined in the contract. Since a contract can exist without either party having yet performed their respective obligations, performance is not a requisite for the contract's validity. This makes it distinct from the other elements, which are critical for establishing that a valid and enforceable contract exists.